New York Federal Reserve Lying About Gold Storage

The New York Fed charges account holders a handling fee for gold transactions, including when gold enters or leaves the vault or ownership transfers (moves between compartments), but otherwise does not charge fees for gold storage.

  

What would be the NY Fed’s incentive to provide this free service? My local gold storing company charges me more than 1 % per annum for the safekeeping of my bullion (lucky me gold is dirt cheap at the moment). If we subtract the 400 metric tonnes, which the NY Fed stores for the US treasury, from the 6700 it stores in total, the outcome is 6300 metric tonnes. At current market value 1 % of 6300 metric tonnes is more than $2.5 billion. How kind the NY Fed does not charge its depositors.

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